BNB is range-bound between $273 and $276.87 today after shedding $2.24 and closing at $276.08 today.
Despite being in the red so far in the current trading session, Binance Coin peaked above its 21 day Simple Moving Average around $276.77 — typically an early indicator of a new bullish trend beginning to emerge. BNB could begin to recover as it approaches significant support, now $3 away from $270.85. Dipping below could be an indication that further losses are ahead. Despite this, price action remains constrained around the key Fibonacci level of $275.57 currently serving as support. If price action breaks below, the next Fib hurdle is $270.57. Binance Coin's upper Bollinger Band® is at $287.46 which indicates a further downward move may follow.
Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems BNB is set to appreciate despite today's setback.
In the meantime, negative performances are also seen in other markets, Ripple closed at $0.457 (down 2.61%). Bitcoin Cash is down to $108.85, losing $2.09, after closing at $110.94 in the preceding trading session. EOS closed at $1.08 (down 1.74%).
Binance Coin reached a significant high of $655.78 around 11 months ago but has lost 57.9% since then. Binance Coin is currently trading with a market cap of 43.81 billion with an average daily volume of 76.74 million.